If I want to rely on the alimony or child support that I or my co-signer receive in my application for a student loan, does a creditor have to consider that income?

Answer:

Yes, if the payments are likely to be consistently made. 

A creditor can consider the amount of such income and likelihood that it will continue, as with all other forms of income. In determining this, a creditor may consider factors such as whether there is a written agreement or court decree, how long and how regularly you or your co-signer have been receiving payments, and the creditworthiness of the payor when that information is available. 

Topics:
Was this page helpful to you?

Note: Do not include sensitive information like your name, contact information, account number, or social security number in this field.

The content on this page provides general consumer information. It is not legal advice or regulatory guidance. The CFPB updates this information periodically. This information may include links or references to third-party resources or content. We do not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that also serve your needs.

Read full answer Hide full answer